Mr. Albert Raponi reports
Sunset Pacific Petroleum Ltd. has signed an agreement to farm out a 50-per-cent working interest in its interest in a hydrocarbon concession in Tunisia.
The conditions of the agreement call for Sunset to receive all governmental approvals in Tunisia necessary to proceed on a work program on the concession.
A Swift coded letter of credit for the sum of $5-million (U.S.) will be provided to the government of Tunisia.
Pursuant to the agreement, the farmee will pay:
-
To Sunset the sum of $2-million (U.S.) in sunk cost on or before 30 days after the execution of the agreement;
- The sum $1-million (U.S.) toward the administrative and operational costs of the concession;
- 50 per cent of any additional cost related to the concession.
This agreement is subject to regulatory and government approvals where required.
We seek Safe Harbor.
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